November 27, 2018 (Muscat) – Oman’s top-200 officials and executives tasked with leading the Sultanate’s energy industry met on November 27 to discuss challenges and opportunities in implementing the country’s energy transition to enable more sustainable economic and social growth. Several elements were considered, including legacy and resource value chains for conventional fuels, to security and reliability of supply and sustainability for different stakeholder groups.

The group of industry experts and government policymakers agreed that tackling the problem requires simple and aligned governance structures, a balanced mix of energy sources as well as clear cost allocation criteria. “It involves the right governance, local skills development, and supply chains, enabling infrastructure and a progressive mindset aimed at achieving sustainable growth and prosperity. The ability to engage on these issues and ensure key building blocks are in place is increasingly critical for all stakeholders involved in the country’s energy industry,” said Raoul Restucci, Managing Director, Petroleum Development Oman.

Oman has one of the world’s highest solar densities and has already made some significant steps towards its Energy Transition strategy in its goal to generate 10 percent of its energy from renewables by 2025. The move towards adopting energy transition strategies across the Gulf region is propelled by an urgency triggered by rapid consumption, which has grown by eight percent annually since 1972, compared to two percent for the world.

The 6th edition of the Oman Energy Forum took place in partnership with the Oman Ministry of Oil & Gas, as part of an on-going commitment by government, industry and academic stakeholders to review, refresh and, where broadly and strategically agreed, implement key recommendations put forward in the Oman Energy Master Plan 2040 (2015), including a Transition to harvest a range of new renewable energy sources.